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Old 08-05-2008, 11:11 AM
 
12 posts, read 51,612 times
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I want to know if offering $1,850,000 on a home in PV is considered a low ball offer. Is it unreasonable and totally out of the question? Its been on the market for 120 days and is turn key.
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Old 08-05-2008, 11:26 AM
 
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It depends. What are the comps for the area? What does your agent say? I don't think anyone here can advise you since we don't know the details.
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Old 08-05-2008, 01:17 PM
 
Location: The Wild Wild West
44,700 posts, read 61,874,800 times
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Do as Sablebaby said, check those comps, then make an offer based on that and on what you feel is comfortable to you, then if necesaary negotiate. A lot depends on the seller's motivation.
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Old 08-05-2008, 05:43 PM
 
Location: Scottsdale, AZ
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I worked as a real estate agent for many years and one of the things I learned is that as you get into multi-million dollar properties, the sellers are less and less motivated to sell and don't mind waiting months to get an offer close to their asking price. But also we probably couldn't help you as we don't know the exact situation. Check out the comps and go from there but $1.85 million offer on a $2.3 million home does seem a bit low to me; it is asking them to knock nearly a half million off their asking price which seems a bit unreasonable.
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Old 08-06-2008, 07:27 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,815,059 times
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Quote:
Originally Posted by shabbygrl View Post
I want to know if offering $1,850,000 on a home in PV is considered a low ball offer. Is it unreasonable and totally out of the question? Its been on the market for 120 days and is turn key.
Shabbygrl, your realtor is the best one to advise you on the property.

Working comps in PV is difficult because of the variety of amenities in custom homes. But the comps need to be worked in order to determine current market value.

That market value will most likely be a price range.

I would first determine what I feel is the current market value, and then determine the maximum I would pay for the property.

Currently there are 54 homes in PV in the price range of 1.8 to 2.4 mil and 17 have been sold this year.

Your realtor can take the research farther to determine the average days on market for that price range, and then the ratio of list to purchase price. That would be a rough guide to use in developing a negotiating strategy.

From there you can determine your maximum price to pay, and the negotiation strategy which would include the first offering price.
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Old 08-06-2008, 07:40 AM
 
611 posts, read 1,995,257 times
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You can offer anything you want. It just might not get accepted. Find out what the home was purchased for. If bought within the last 4 years off 20% of that price.
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Old 08-06-2008, 09:06 AM
 
Location: Living on the Coast in Oxnard CA
16,287 posts, read 32,434,723 times
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There are homes in the Phoenix area that cost more than $1 million???
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Old 08-06-2008, 09:07 AM
 
3,632 posts, read 16,196,397 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
There are homes in the Phoenix area that cost more than $1 million???
Are you serious?? If you are, then yes there are lots of homes over a million, in almost every area of town, but they are mostly in PV (up to $25mil).
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Old 08-06-2008, 09:38 AM
 
837 posts, read 2,341,106 times
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Sorry.........but what does PV stand for???
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Old 08-06-2008, 10:19 AM
 
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Quote:
Originally Posted by trudawg View Post
Sorry.........but what does PV stand for???
Paradise Valley (upscale town).
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